How do you classify a lifetime income annuity when applying for Medicaid?

You may find that the annuity has to be reviewed to be Medicaid compliant, which means it’s actuarially sound. The designated beneficiary may also need to be changed to the state with secondary beneficiary as whatever family member you chose initially.

If you haven’t yet submitted the Medicaid application, you might want to think about taking the maximum penalty free distribution from the annuity to do a preened funeral & burial, if you do not have this already done.

In Maine the monthly payments are counted as income and go to the nursing home if there is a single owner. Joint ownership may allow spouse to keep a portion of monthly payment to keep  them from being impoverished.

lppowell70, each state has its own Medicaid rules and I'm not familiar with Georgia's, but I'd guess that payments from an annuity would be counted as monthly income for the Medicaid applicant.